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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
SL INDUSTRIES, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
784413106
(CUSIP Number)
James H. Carll, Archer & Greiner, One Centennial Square,
Haddonfield, NJ 08033 (609-795-2121)
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(Name, Address and Telephone
Number of Person Authorized
to Receive Notices and
Communications)
July 18, 1997
-----------------------------
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-l(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ].
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on the following pages)
Page 1 of 5 Pages
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CUSIP NO. 784413106
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1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
UM Investment Corporation 51-0266463
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 370,500
BENEFICIALLY | |
OWNED BY | 8 | SHARED VOTING POWER
EACH | | --
REPORTING | 9 | SOLE DISPOSITIVE POWER
PERSON WITH | | 370,500
| 10 | SHARED DISPOSITIVE POWER
| | --
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,500
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
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14 TYPE OF REPORTING PERSON
CO
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2
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CUSIP NO. 784413106
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
UM Holdings, Ltd. 22-1982496
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
New Jersey
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NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | Zero
BENEFICIALLY | |
OWNED BY | 8 | SHARED VOTING POWER
EACH | | Zero
REPORTING | 9 | SOLE DISPOSITIVE POWER
PERSON WITH | | Zero
| 10 | SHARED DISPOSITIVE POWER
| | Zero
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Zero
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Zero
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14 TYPE OF REPORTING PERSON
HC and CO
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3
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The Statement on Schedule 13-D dated July 18, 1996, as heretofore
amended, is hereby further amended as follows:
Item 4 - Purpose of Transactions.
Item 4 of Schedule 13-D is amended by adding the following additional
paragraphs:
UM believes that the market price of SL's Common Stock does not reflect
SL's true value. UM has studied the feasibility of various strategic approaches
available to SL to achieve full value for SL's shareholders, including a
restructuring of SL involving the sale or spin-off of non-core units, with the
capital derived therefrom used to augment and expand SL's remaining divisions,
or alternatively a sale of the entire company. This study included consulting
with a bank as to the ability of a third party to finance an acquisition of SL
at a premium to current market prices.
UM would require additional information before it could form any
definitive conclusions with respect to these matters. In June 1997, UM forwarded
a letter to the members of the Board of Directors of SL, communicating its
thoughts and requesting access to additional information. UM has received a
response from SL, indicating that such access will not be provided to UM. In
addition, on July 2, 1997, SL issued a public announcement that the Board of
Directors has authorized repurchase of up to 1,000,000 shares of SL common stock
in open market transactions.
In light of the foregoing, UM is in the process of re-evaluating
alternative courses of action available to it with respect to SL and the SL
Common Stock.
While UM has not yet determined to do so, UM may determine itself to
seek control of SL or to seek a third party which alone or together with UM
would seek to gain control of SL, in either case for the purpose of pursuing a
restructuring of SL as discussed above. If UM determines to pursue this
alternative, it would consider, depending on price and availability, purchasing
additional shares of SL from time to time in open market purchases or privately
negotiated transactions, engaging, either alone or with others, in a
solicitation of proxies to elect nominees as directors of SL and/or making a
tender offer for a portion of SL's shares.
In the alternative, UM may seek to sell its shares of SL stock in the
open market or in privately negotiated transactions to one or more purchasers,
which could include SL.
Pending a determination of the course of action that UM desires to
pursue, UM may purchase additional shares of SL from time to time in open market
purchases or privately negotiated transactions, provided that in UM's judgment
such shares present an attractive investment opportunity.
Because of the very tentative nature of its conclusions, at this time
UM has no plans or proposals of the type required by law to be included in the
Schedule 13-D.
4
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After reasonable enquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
July 18, 1997
Date
/s/ Arthur W. Hicks, Jr.
- ------------------------
Signature
Arthur W. Hicks, Jr.
Vice President and Chief Financial Officer
UM Holdings, Ltd. and
UM Investment Corporation
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Name/Title
5
